China Evergrande crashes 87% to become a penny stock as the former $50 billion real estate giant reveals more steep losses
Shares of China Evergrande crashed 87% as trading resumed after a 17-month halt.
The once-$50 billion property developer faces a massive debt load and a troubled balance sheet.
On Monday it became a penny stock after reporting a loss of 33 billion yuan in the six months ending June 30.
Shares of China Evergrande Group tumbled as much as 87%, diving into penny stock territory after trading in the shares resumed on Monday for the first…